The building was originally constructed as a power station to supply electricity to the Royal Mail post office, built towards the end of the 19th century (official date unknown). It was subsequently acquired by the Liebig Extract of Meat Company in the 1920s (official date unknown) manufacturers of Oxo beef stock cubes, for conversion into a cold store.

The building was largely rebuilt to an Art Deco design by company architect Albert Moore between 1928 and 1929. Much of the original power station was demolished, but the river facing facade was retained and extended. Liebig wanted to include a tower featuring illuminated signs advertising the name of their product.